← UP Fintech Holding Ltd

Annual Trend FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025
Total Revenue $16.9m $33.6m $58.7m $138.5m $264.5m $225.4m $272.5m $391.5m $612.1m
Total net revenues $16.9m $33.6m $54.6m $128.4m $246.1m $206.7m $225.5m $330.7m $538.7m
Cost Of Revenue $6.7m $13.3m $23.2m $54.7m $104.5m $117.4m $109.8m $137.0m $187.7m
Reconciled Cost Of Revenue — — — — — $123.6m $116.4m $142.9m $195.3m
Gross Profit (derived) $10.3m $20.3m $35.5m $83.8m $160.0m $108.0m $162.7m $254.5m $424.4m
Operating expenses:
EBIT $20.7m $93.0m $142.6m $280.8m
Additional Financial Items
Amortization of Intangible Assets — — — — — — $15k $15k $15k
Equity Securities without Readily Determinable Fair Value, Impairment Loss, Annual Amount — $0 $756k $0 $600k $0 $0 $0 $200k
Foreign Currency Transaction Gain (Loss), before Tax — $542k $284k ($2.9m) ($3.3m) $2.4m ($3.1m) $4.1m $7.8m
Goodwill, Impairment Loss — $0 $0 $0 $0 $0 $0 $0 $0
Income (Loss) from Continuing Operations before Income Taxes, Domestic — — — $20.6m $21.3m $9.1m $12.6m $35.0m $22.0m
Execution and clearing ($38k) ($257k) ($2.5m) ($12.6m) ($31.1m) ($15.6m) ($9.1m) ($14.7m) ($20.5m)
Employee compensation and benefits (including share-based compensation of US$10,147,362, US$9,736,901 and US$15,609,141 for the years ended December 31, 2023, 2024 and 2025, respectively) ($12.0m) ($55.7m) ($35.8m) ($50.0m) ($87.2m) ($101.7m) ($100.8m) ($122.4m) ($167.2m)
Occupancy, depreciation and amortization ($1.2m) ($2.6m) ($3.6m) ($4.7m) ($6.1m) ($9.0m) ($9.4m) ($8.6m) ($10.5m)
Communication and market data ($2.9m) ($3.6m) ($6.5m) ($10.3m) ($22.1m) ($27.1m) ($30.8m) ($38.9m) ($46.5m)
Marketing and branding ($6.3m) ($10.5m) ($7.1m) ($15.9m) ($59.3m) ($33.1m) ($20.9m) ($28.5m) ($49.5m)
General and administrative ($3.6m) ($7.8m) ($9.3m) ($13.7m) ($22.7m) ($18.3m) ($21.8m) ($39.3m) ($36.2m)
Others, net ($96k) $725k $869k $997k ($2.7m) $298k $13.1m $3.3m ($939k)
Net (loss) income attributable to non-controlling interests ($417k) ($1.1m) — $0 — ($129k) ($98k) ($4k) $49k
Accretion of Redeemable Non-controlling Interests to Redemption Value — — — — — ($59k) ($542k) ($630k) ($533k)
Unrealized (loss) gain on available-for-sale securities (net of tax effect of nil, nil and nil for the years ended December 31, 2023, 2024 and 2025, respectively) $0 $263k $0 $41k $1.9m ($769k) ($450k) $344k $2.2m
Change in cumulative foreign currency translation adjustment $1.6m ($936k) ($321k) $3.8m $1.8m ($8.1m) ($545k) ($9.0m) $19.2m
Average Dilution Earnings — — — — — $0 $912k $1.1m $2.7m
Depreciation Amortization Depletion Income Statement — — — — — $9.0m $9.4m $8.6m $10.5m
Depreciation And Amortization In Income Statement — — — — — $9.0m $9.4m $8.6m $10.5m
Diluted EPS — — — — — ($0.01) $0.21 $0.36 $0.93
Diluted NI Availto Com Stockholders — — — — — ($2.2m) $33.5m $61.9m $173.6m
Minority Interests — — — — — $70k ($444k) ($626k) ($582k)
Net Income From Continuing And Discontinued Operation ($7.9m) ($43.2m) ($6.6m) $16.1m $14.7m ($2.2m) $32.6m $60.7m $170.9m
Net Income From Continuing Operation Net Minority Interest ($7.9m) ($43.2m) ($6.6m) $16.1m $14.7m ($2.2m) $32.6m $60.7m $170.9m
Net Interest Income — — — — — ($18.7m) ($47.0m) ($60.8m) ($73.4m)
Normalized EBITDA — — — — — $29.7m $102.3m $151.1m $291.3m
Normalized Income ($7.9m) ($43.2m) ($6.6m) $16.1m $14.7m ($2.2m) $32.6m $60.7m $170.9m
Other Gand A — — — — — $45.5m $52.6m $78.2m $82.7m
Reconciled Depreciation — — — — — $2.7m $2.8m $2.6m $2.9m
Rent And Landing Fees — — — — $6.1m $9.0m $9.4m — —
Salaries And Wages — — — — $13.4m $14.2m — — —
Selling General And Administration — — — — — $78.6m $73.5m $106.7m $132.1m
Tax Effect Of Unusual Items — $0 $0 $0 $0 $0 $0 $0 $0
Tax Provision — ($1.9m) ($3.4m) $2.9m $4.4m $4.3m $13.0m $20.4m $36.0m
Tax Rate For Calcs — — — — — $0 $0 $0 $0
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest ($9.1m) ($46.2m) ($9.3m) $22.0m $19.1m $2.0m $46.0m $81.8m $207.4m
Total Comprehensive income ($6.3m) ($45.0m) ($6.3m) $23.0m $18.4m ($11.2m) $32.0m $52.7m $192.8m
Total Comprehensive (loss) income attributable to non-controlling interests — ($1.1m) — $0 — ($131k) ($93k) $3k $37k
Total Comprehensive income attributable to ordinary shareholders of UP Fintech — ($43.9m) ($6.9m) $19.9m $18.4m ($11.1m) $31.6m $52.0m $192.3m
Income before income taxes ($9.1m) ($46.2m) ($9.3m) $22.0m $19.1m $2.0m $46.0m $81.8m $207.4m
Pre-Tax Income ($9.1m) ($46.2m) ($9.3m) $22.0m $19.1m $2.0m $46.0m $81.8m $207.4m
Net Income Continuous Operations — — — — — ($2.3m) $33.0m $61.4m $171.5m
Net Income (Loss) Attributable to Parent ($7.9m) ($43.2m) ($6.6m) $16.1m $14.7m ($2.2m) $32.6m $61.4m $170.9m
Net Income (Loss) Available to Common Stockholders, Basic ($7.9m) ($43.2m) ($6.6m) $16.1m $14.7m ($2.2m) $32.6m $60.7m $170.9m
Net Income (Loss) Attributable to Noncontrolling Interest ($417k) ($1.1m) — $0 — ($129k) ($98k) ($4k) $49k
Net Income Including Noncontrolling Interests — — — — — ($2.3m) $33.0m $61.4m $171.5m
Earnings Per Share, Basic — ($0.09) $0.00 $0.01 $0.01 $0.00 $0.01 $0.03 $0.06
Earnings Per Share, Diluted ($0.02) ($0.09) $0.00 $0.01 $0.01 $0.00 $0.01 $0.02 $0.06
Weighted Average Number of Shares Outstanding, Basic — 506.4m 1.8b 2.1b 2.2b 2.3b 2.3b 2.4b 2.7b
Basic Average Shares — — — — — $153.0m $155.0m $160.3m $176.8m
Diluted Average Shares — — — — — $153.0m $161.8m $168.9m $187.2m
Weighted Average Number of Shares Outstanding, Diluted — 506.4m 1.8b 2.2b 2.3b 2.3b 2.4b 2.5b 2.8b
Research and Development Expense — $11.3m $18.0m $22.5m $47.8m $60.1m $63.5m $80.1m $100.0m
General and Administrative Expense — $7.8m $9.3m $13.7m $22.7m $18.3m $21.8m $39.3m $36.2m
Other Nonoperating Income (Expense) ($96k) $725k $869k $997k ($2.7m) $298k $13.1m $3.3m ($939k)
Costs and Expenses — $80.5m $64.7m $107.4m $228.5m $205.0m $192.7m $252.3m $330.3m
Operating Lease, Expense — — — $3.5m $4.1m $6.0m $6.3m $5.7m $7.1m
Selling and Marketing Expense — $10.5m $7.1m $15.9m $59.3m $33.1m $20.9m $28.5m $49.5m
Interest Expense — — $4.1m $10.1m $18.4m $18.7m $47.0m $60.8m $73.4m
Current Income Tax Expense (Benefit) — $2k $2.9m $1.1m $5.0m ($5.6m) ($9.8m) $19.6m $37.6m
Income tax expense $1.2m $1.9m $3.4m ($2.9m) ($4.4m) ($4.3m) ($13.0m) ($20.4m) ($36.0m)
Interest Expense Non Operating — — $4.1m $10.1m $18.4m $18.7m $47.0m $60.8m $73.4m
Net Non Operating Interest Income Expense — — — — — ($18.7m) ($47.0m) ($60.8m) ($73.4m)
Operating Expense — — — — — $87.6m $82.9m $115.3m $142.6m
Other Income Expense ($96k) $725k $869k $997k ($2.7m) $298k $13.1m $3.3m ($939k)
Other Non Operating Income Expenses ($96k) $725k $869k $997k ($2.7m) $298k $13.1m $3.3m ($939k)
Rent Expense Supplemental — — — — $6.1m $9.0m $9.4m — —
Total operating cost and expenses ($26.0m) ($80.5m) ($64.7m) ($107.4m) ($228.5m) ($205.0m) ($192.7m) ($252.3m) ($330.3m)
Income Tax Expense (Benefit) — ($1.9m) ($3.4m) $2.9m $4.4m $4.3m $13.0m $20.4m $36.0m
Total Expenses — $80.5m $64.7m $107.4m $228.5m $205.0m $192.7m $252.3m $330.3m

Data sourced from SEC EDGAR 10-K filings via EdgarTools. Amounts are shown in USD as reported in each fiscal year filing.